MIAMI, FL -- (Marketwire) -- 08/10/11 -- The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) announced the appointment of John A. Gelety as an independent director to the Fund's Board of Directors. Mr. Gelety replaces Mr. Ted S. Williams who resigned from the board as of August 10, 2011 for personal reasons.
Mr. Gelety is an attorney and founding shareholder of John A. Gelety, PA, a transactional law firm that specializes in business law, with a concentration on domestic and cross-border mergers & acquisitions, private equity and commercial transactions. His firm represents a diverse group of international and domestic entities and individuals in a wide array of industries, including banking, venture capital, finance, private equity, real estate development, aviation, technology, domestic and international film and music production, manufacturing, retail, medical and education. As part of his role as an independent director, Mr. Gelety has also been appointed to the Fund's Nominating Committee and Audit Committee.
The Herzfeld Caribbean Basin Fund, Inc. is a closed-end fund managed by HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc. The Fund seeks long-term capital appreciation. To achieve its objective the Fund invests in issuers that are likely, in the Advisor's view, to benefit from economic, political, structural and technological developments in the countries in the Caribbean Basin, which the Fund considers to include Cuba, Jamaica, Trinidad and Tobago, the Bahamas, the Dominican Republic, Barbados, Aruba, Haiti, the Netherlands Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia, Venezuela and the United States.
Thomas J. Herzfeld Advisors, Inc. specializes in the field of closed-end funds. Information about the advisor and the Fund can be found at www.herzfeld.com. Information about research published by Thomas J. Herzfeld Advisors, Inc. is available at www.herzfeldresearch.com.
For further information contact:
Cecilia L. Gondor